As talks of a looming recession grow, it makes business sense for leaders to build diverse teams by tapping into underutilised talent. Here are seven helpful resources to help HR to do just that.

Australians are feeling the pinch. Economic challenges are forcing businesses to tighten their belts and make strategic decisions about their budgets to ensure longevity.

HR will play an important role in ensuring that these decisions aren’t detrimental, and that businesses continue to invest in effective diversity tools and measures while navigating the current economic climate.

Organisations that thrive in times of economic difficulty all have one thing in common: they know their competitive strengths come from focusing on their workforce.

In a previous HRM article, Marcus Buckingham, Head of People and Performance Research at ADP Research Institute, reinforced the importance of HR in ensuring organisations continue to value their workforce.

As he puts it: “How can we call ourselves human resources if, when push comes to shove and business pressure gets applied, we turn people back into elements in a spreadsheet?”

Tapping into underutilised talent pools

During periods of economic difficulty, businesses increasingly rely on their HR departments to help them prepare for the tough times ahead.

Cornerstone’s 2022 Global Skills Report found that skill and talent shortages are still the number one concern for business leaders. Therefore, investment in people must increase, and organisations that are looking to address these shortages should invest in building a more diverse workforce. 

Australia’s Women in STEM Ambassador, Professor Lisa Harvey-Smith, says businesses can address skills shortages by tapping into Australia’s vastly underutilised workforce, which has the skills necessary to bridge those gaps.

“Australia’s women are the most educated in the world. More than 420,000 women in Australia have vocational or university STEM qualifications, but five years after graduating, nine out of 10 of these STEM-qualified women do not work in STEM jobs.

“Australia needs a diverse and highly skilled workforce to become a global competitor in an increasingly technological world. But that won’t be realised while barriers to full participation persist, such as lack of flexible work arrangements, unequal carers leave entitlements and the gender pay gap.”

Studies show that workplaces with greater diversity reap significant benefits, such as increased productivity, improved bottom lines and a decrease in conflict.

Teams that consist of people of different ethnicities and backgrounds tend to be      more understanding of each other and more creative, and their different skill sets complement each other.

A growing number of organisations across Australia are aware of the need to implement equity initiatives to create a more diverse workforce. However, research has shown that poorly implemented programs can be detrimental to the intended outcome, so care is needed. 

“Our strengths lie in our differences. By investing in building more inclusive and diverse workplaces, we can ensure a brighter future.”

Seven resources to help leaders build a diverse workforce

There are many excellent tools available that can be used to increase diversity within organisations. Some examples include:

1. The Australian Human Rights Commission has created a suite of practical resources to support the development of effective workplace policies and practices to promote diversity and prevent discrimination within the workplace.

2. The Australian Government’s Women in STEM Ambassador has developed evidence-based tools to support transformative action for equity in workplaces, which include an implementation guide to workplace gender equity.

3. Chief Executive Women shares useful information on its website to support workplace equity initiatives, which include reports about Addressing Australia’s Critical Skills Shortages, Women in Leadership and Women in STEM.

4. Diversity Council Australia provides members with access to research, events and programs, curated resources and expert advice across all diversity dimensions to support the creation of more diverse and inclusive workplaces.

5. Our Watch is a national leader in primary prevention of violence against women and their children in Australia. They provide workplaces with violence prevention tools and resources that focus on gender equality and respect.

6. Respect@Work brings together a comprehensive set of resources to support individuals and organisations to better understand, prevent and address workplace sexual harassment.

7. The Workplace Gender Equality Agency promotes and improves gender equality in Australian workplaces by working collaboratively with employers. It has created a variety of tools and guides to help organisations navigate areas such as flexible work, parental leave, pay equity and more.

Building a better future

Investing in a diverse and skilled workforce is critical for organisations looking to thrive in today’s economic climate and create a better tomorrow.

To achieve this, businesses must prioritise equity and inclusion initiatives and take concrete steps to attract, retain and promote people from all backgrounds.

Our strengths lie in our differences. By investing in building more inclusive and diverse workplaces, we can ensure a brighter future.

Becky Laurence is the digital content officer for the Office of Australia’s Women in STEM Ambassador. Laurence communicates the work of the Office to diverse audiences such as parents, educators, and professionals in business, government and academia.

Learn how to incorporate business strategy into your workforce planning and mitigate future risk with this short course from AHRI.